According to local news outlet Infomax, South Korean district attorneys requested an arrest warrant on Jan. 25 for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb. Kang is wanted on claims of embezzlement related to his activities at the exchange.The exact same day, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor’s Office sentenced Kang and 2 Bithumb executives on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. The executives were also charged with carrying out fraudulent unlawful transactions under the Capital Markets Act. One of the few public images of Kang Jong-Hyun. Source: Korea Post English Pandoraland previously reported on Jan. 10 that Bithumb was positioned under a”unique tax examination”by the nation’s National Tax Service. Simultaneous to the event, Kang is under investigation over his role in presumably controling the stock costs of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds. Vidente is presently the largest shareholder of Bithumb, with a 34.2%stake. On Dec. 30, 2022, Bithumb’s largest shareholder, Park Mo, was discovered dead in front of his own home following investigations into his supposed role in embezzling funds from Bithumb-related companies. It is believed that Mo might have taken his own life due to the nature of the criminal claims brought versus him.Subsequent to the development, Lee Jung-Hoon, previous chairman of Bithumb, was found not guilty of a$70 million fraud charge regarding his activities at Bithumb. The exchange is one of South Korea’s biggest, with a 24-hour trade volume of$467 million.